How New York Quickly Became the Nation’s Biggest Sports Betting Market 

There’s no doubt about it—the launch of sports betting in New York can only be described as a record-breaking affair. Ever since the demise of the Professional and Amateur Sports Protection Act (PASPA) in 2018, states across the U.S. have been lining up to legalize online and retail sports betting, and nowhere has that legalization caused such an uproar as it did in New York. 

Numbers Don’t Lie 

When Governor Andrew Cuomo signed Assembly Bill A3009, all government officials expected taxes collected on gaming revenues to fill the gaping hole in the state budget. Still, few could have predicted $80 million to come pouring into state coffers during January alone. 

New Yorkers placed more than $1.6 billion worth of wagers during the first five weeks of legal online sports betting, which far exceeded the expectations of seasoned analysts. In fact, no other state has had a better handle in history. The previous record held by New Jersey wasn’t even close. What’s more, New York’s opening handle bested New Jersey’s best month by more than $300 million. 

During the Super Bowl LVI week, New Yorkers have placed over $472 million in bets alone, which is yet another set of numbers that shot way past projections. 

Initially, nine online sportsbooks got permission to accept online bets, including all the heavyweights such as FanDuel, Caesars Sportsbook, DraftKings, and others. More than 1.2 million sports betting accounts were opened during this initial period, a remarkable feat in its own right.  

New Yorkers Love Their Teams and Their Bets 

The search for the culprits for such record-breaking numbers that put New York at the pedestal of all sports betting markets in the country should start with New Yorkers themselves. 

Millions of sports betting fans and enthusiasts can now search for wagering opportunities in their own state rather than having to go to neighboring New Jersey to place bets either through online apps or in person. 

Another reason for New York’s ascent to the top of the sports betting market is the rising number of sports fans in the state supporting the local teams and regularly betting on their matches. 

You won’t find a major sports league in the country that doesn’t feature a team from New York. The Knicks, Mets, Rangers, Giants, Yankees, Nets, and others play matches throughout the year, so there aren’t any shortages of betting options and markets to explore, which keeps fuelling the growth of sports betting in The Empire State.

Then again, the huge welcome bonus deals are owed a share of the credits. When you look at the sign up deals like the PointsBet NY promo and FanDuel NY promo, which give two risk-free bets totaling $2,000 and a $1,000 risk-free bet, respectively, it’s easy to see why so many players are rushing to join these sportsbooks to test their betting prowess. 

What Does the Future Hold for New York Sports Betting 

New York’s sports betting industry is poised to grow, no question about it. According to the New York State Gaming Commission, more than $3 billion worth of bets has been taken in, and close to $205 million in gross gaming revenue. If you consider that the state applies a 51% tax rate, the tax revenue is going through the roof and will continue to do so. 

Better bonuses, more betting markets, and competitive odds are a recipe for success, and New York’s sportsbooks have followed it to the letter. 

Sports we underestimate
Sports we underestimate
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